Can e-wallets help you boost your business?

POSTED ON: 2 Oct, 2018

Today customers want nothing less than secure, fast and personalised online applications. They must easily solve their daily financial requests, perform various transactions, store activity statements and facilitate many more simple and complex tasks.

When it comes to online applications, financial institutions and e-wallets that they offer come as an extremely attractive product. The latest studies show, that most of the customers (87%) have a trust in financial institutions and believe that their transactions and personal data is safe and secure there.

Further, almost half of smart phone users have at least one e-wallet application installed. It is also suggested that customers who use digital wallets are greater spenders; they use their cards more frequently and try broader merchant categories. It seems that e-wallets give access to higher spending consumers. Being in such a strong position, financial institutions could really leverage an opportunity presented by e-wallets and encourage their clients to use it more. However, now it seems that not everybody is able to take an advantage. If you are thinking about it yourself, here are some tips that we think could help you.

First of all, you should concentrate on security. The number one reason why some customers resist using e-wallets is security concerns. You have to educate your audience and explain the security features of your application better. Secondly, be user-friendly and relevant. Integrate with other technologies, apps, understand what is “hot and trendy” today and offer it to your clients. Further, use information you have about your customer’s location, his financial patterns and shopping habits. Acknowledge his preferences and prepare some personalised offers to him. And most importantly, reward your customers for their loyalty. Once you get them, don’t let them leave. Your goal is to become their default e-wallet to use.

Digital wallets give financial institutions a wonderful tool to remain relevant and compete for better outcome. Be on top of your game – use our tips to become a digital APP of choice.

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